Hydrow Inc., a fitness company that counts NFL tight end Travis Kelce and growth equity firm L Catterton among its investors, is in talks to acquire smaller rival Cityrow, according to people with knowledge of the matter.
(Bloomberg) — Hydrow Inc., a fitness company that counts NFL tight end Travis Kelce and growth equity firm L Catterton among its investors, is in talks to acquire smaller rival Cityrow, according to people with knowledge of the matter.
Hydrow, best known for its connected rowing machines, is interested in Cityrow’s subscriber base, said one of the people, all of whom requested anonymity to discuss confidential talks. Negotiations are ongoing and as with all deals that aren’t finalized, it’s possible talks could collapse.
A Hydrow spokesman declined to comment. A Cityrow representative didn’t immediately respond to requests for comment.
Led by Chief Executive Officer Bruce Smith, Boston-based Hydrow has raised more than $300 million from investors including Aaron Rodgers’s RX3 Growth Partners, Constitution Capital, Winklevoss Capital Management and Sandbridge Capital, according to PitchBook data. The company also counts celebrities including Justin Timberlake and Lizzo as investors. Hydrow previously discussed merging with a Sandbridge-affiliated SPAC, Bloomberg News has reported, though those talks fell apart.
Cityrow, led by CEO Helaine Knapp, has raised capital from JW Asset Management, Sol Global Investments and K2 Global. Founded in 2014, the startup originally focused on brick-and-mortar studios and expanded into at-home digital fitness in 2018, well before the pandemic.
Connected fitness companies such as Hydrow have eyed consolidation as a means to create scale and drive growth. Interactive Strength, which does business as Forme, last week agreed to acquire Clmbr Inc., which makes a vertical climbing machine.
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